U.S. Stock Futures Dip Ahead of Key Events
U.S. stock futures edged lower on Tuesday as investors braced for pivotal economic data releases and testimony from Federal Reserve Chair Jerome Powell later in the week.
Choppy Trading on Monday
The main averages closed lower on Monday after a day of choppy trading. Despite an initial surge that briefly touched intraday record highs, the momentum waned, particularly in chip stocks amid AI-driven hype.
Focus on February Nonfarm Payrolls
Traders are eagerly awaiting the release of the February nonfarm payrolls report on Friday. The data could shed light on the health of the U.S. labor market and influence the Fed’s stance on potential interest rate adjustments.
Tesla Shares Tumble on China Shipment Drop
Tesla’s stock plummeted by over 7% in extended hours trading after the company reported a significant drop in shipments of its China-made cars in February. The decline, attributed to disruptions during the Lunar New Year holidays, underscores the intensifying competition in the Chinese EV market.
Bitcoin Surges Toward Record Highs
The price of Bitcoin surged in Asian trade, nearing levels not seen since the peak of the 2021 bull run. Steady capital inflows, approval of U.S. ETFs tracking Bitcoin, and anticipation of an upcoming halving event have fueled the cryptocurrency’s recent gains.
Inflows into Bitcoin Investment Products
Data from CoinShares revealed a fifth consecutive week of capital inflows into Bitcoin-linked investment products, totaling $1.7 billion. Despite increasing short positions, U.S.-listed ETFs linked to Bitcoin, including the iShares Bitcoin Trust, continue to attract investor interest.
Oil Prices Dip Amid China’s Growth Forecast
In European trade on Tuesday, oil prices retreated, echoing losses from the previous session, and faced minimal support as China, the world’s top importer, revealed a modest economic growth forecast for 2024.
China’s GDP Target: 5%
China announced a gross domestic product (GDP) target of 5% for the year during the annual National People’s Congress. The unveiling of this goal and other economic proposals occurred in an official report.
Limited Optimism in Economic Outlook
Despite outlining additional economic measures aimed at bolstering growth, Beijing’s messaging largely echoed prior signals. This continuity provided little optimism for investors, who have observed a sluggish economic rebound in China.
$COST- Oppenheimer raised the firm’s price target on Costco to $805 from $760 and keeps an Outperform rating on the shares ahead of quarterly results. The firm’s prior intermediate to longer-term fundamental views remain intact. Looking at the upcoming print, Oppenheimer overall sees limited EPS upside potential. Its Q2 EPS of $3.52 remains below the Street’s $3.62. It is unclear to the firm whether the Street has properly accounted for the lost interest income associated with paying the special dividend. For longer-term players, Oppenheimer would take advantage of any dips. It sees a risk of profit taking following a near-parabolic rally in shares since late-October lows, the firm adds.$TGT- Reports Q4 revenue $31.92B, consensus $31.35B. The company’s total comparable sales declined 4.4% in the fourth quarter, reflecting comparable stores sales declines of 5.4% and a comparable digital sales decline of 0.7%. “Our team’s efforts changed the momentum of our business, further improving our sales and traffic trends in the fourth quarter while driving profitability well ahead of expectations,” said Brian Cornell, chairman and chief executive officer of Target Corporation.
$AMD- AMD will need an export license for its made-for-China chips which it had hoped could skirt U.S. trade restrictions on semiconductor sales to China, Bloomberg’s Jane Lanhee Lee and Mackenzie Hawkins report. AMD designed the chip to have lower performance than its premium products in order to comply with U.S. export restrictions, but the Commerce Department did not clear the chip for sale in China because it was still too advanced, according to people familiar with the matter.
Hey OP…. Awesome day yesterday as all of our systems killed it. Alert play (NUGT LEAPS) paid huge (100% gain) and we saw yet another OP Lifer reach their goal of $1 Million! Keep it up yall!
If you want to get the plays of the day then signup for Gold, and get a FREE TRIAL
If you want to get the plays of the day then signup for Gold, and get a FREE TRIAL
Responses